Bayo Ojulari’s NNPC tenure in jeopardy amid financial scandal

The tenure of Bayo Ojulari as Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL) is reportedly hanging in the balance following serious allegations of money laundering and political funding controversies.

Though some unconfirmed reports suggest Ojulari has already resigned, insider sources told Journalist that no official resignation had been submitted as of press time, but hinted that “only a miracle will keep him in office at this stage.”

President Bola Ahmed Tinubu, who appointed Ojulari just four months ago as successor to Mele Kyari, is said to be furious over what sources described as “damning” security findings linked to financial irregularities under Ojulari’s leadership.

At the centre of the controversy is an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) into alleged multi-million-dollar transactions between NNPCL and AA&R Investment Group.

The company, which operates across energy, agribusiness, logistics, and ICT sectors, is owned by Abdullahi Bashir-Haske, a known associate and son-in-law of former Vice President Atiku Abubakar.

Sources within the EFCC disclosed that suspicious financial dealings were flagged, including concerns that NNPCL may have indirectly funded opposition elements through transactions with AA&R.

Bashir-Haske, who previously benefited from NNPC contracts under ex-GMD Maikanti Baru (2016–2019), was reportedly sidelined by Baru’s successor, Mele Kyari, but was reinstated after Ojulari took charge in April 2025.

Ojulari, a former Managing Director at Shell Nigeria Exploration and Production Company and founder of BAT Advisory & Energy, had earlier advised Renaissance Africa Energy in its $2 billion acquisition of Shell Petroleum Development Company.

Upon his NNPCL appointment, he allegedly restored significant privileges to Bashir-Haske, a move now seen as politically sensitive given Atiku’s growing influence in the African Democratic Congress (ADC) ahead of the 2027 elections.

Sources close to the presidency described Tinubu’s reaction as one of “betrayal and rage,” saying the president feels Ojulari’s actions could be interpreted as “sleeping with the enemy.”

“The president is livid with rage. He sees this as a stab in the back,” one source said. “A form of soft landing will be provided for Ojulari to exit, as removing him now seems too early in the day. But what Ojulari has been doing amounts to sleeping with the enemy.”

As of now, the NNPCL has not issued an official statement on the allegations or Ojulari’s reported resignation, but pressure continues to mount as public scrutiny intensifies.